Intelsat ups debt re-financing to $3.1bn

Intelsat is reported to have increased the amount it is looking to refinance certain existing debt. It was seeking $1.75 billion for $3.2 billion-worth of debt that’s due to be repaid in 2018, and is now said to be seeking to borrow $3.1 billion. Bank of America is reportedly arraigning the new financing.

Additional to the above Intelsat is also seeking a $500 million revolving credit line. Intelsat mounted an IPO back in April which netted some $329 million after expenses, and has been focussed since on reducing its significant debt burden either by repayments or cutting back on interest payments. As at March 31st its debts stood at some $15.8 billion in long-term debt, for which it was paying around $1 billion a year in interest payments and charges.